The Finance Ministry has permitted the composition scheme taxpayers to file a self-assessed tax return in the one-page statement – Form GST CMP 08 of the Central Goods and Service Tax Rules, 2017. This quarterly return has to be filed after every quarter by the 18th day of the month.
Among the total of 1.21 crore GST registered businesses, 20 lakh businesses that are registered under the composition scheme are required to file the CMP 08, therefore, here We provide complete guidance on the filing procedure of CMP 08 along with the relevant filing form CMP 08 due date for the upcoming months.
The procedure for Filing CMP 08 Form
All the assessees registered under the GST (Goods and Services Act), 2017 who are covered under section 10 of CGST Act 2017 or have opted for the benefits under Notification No. 2/2019-Central Tax (Rate) dated 07th March 2019. The Central Board of Indicert Taxes and Customs (CBIC) considers such assessees as a special category of persons.
The CBIC has laid out a complete procedure for filing the returns, under Notification no. 21/2019 – Central Tax dated 23rd April 2019. Such assessees are covered under the composition scheme of the government.
All the persons covered under the composition scheme are required to form CMP 08 quarterly. The last date to file the quarter’s returns is the 18th of next month after the end of the quarter. The last date to file the returns CMP 08 of the April-June 2023 quarter is 18th July 2023.
What is Form GST CMP-08?
Form GST CMP-08 is used to reveal the features or review of self-assessed tax which is due for a presented quarter by taxpayers who are registered as composition taxable bodies or taxpayers who have opted for composition levy. Taxpayers who each have registered as composition taxable persons within Form GST REG-01.
Who Requires the file Form GST CMP-08?
The person who has registered as a composition scheme via Form GST CMP-02 or who has opted for a composition taxable person via Form GST REG-01 is required for Form GST CMP-08.
When does Form GST CMP-08 need to be filed?
Form GST CMP-08 has to be filed every quarter. The due date for filing Form GST CMP-08 is the 18th month of the succeeding quarter. It can be postponed by the government receiving the notification.
CMP 08 – A Move Widely Appreciated
CMP-08 is a statement cum challan which seeks information about outward supplies and inward supplies ( inward supplies under reverse charge) including the taxes paid on such outward supplies and imports along with interest payable. CMP-08 is a welcome move which was initiated in April 2019 so that it can be used from the financial year 2019-2020.
CMP 08 Due Date For FY 2023-24 (2nd Quarter)
|Period (Quarterly)||Due Dates|
|1st Quarter – April to June 2023||18th July 2023|
|2nd Quarter – July to September 2023||18th October 2023|
|3rd Quarter – October to December 2023||18th January 2024|
|4th Quarter – January to March 2024||18th April 2024|
Latest Update & Notification
06th July 2022 – The GST dept has extended the due date of furnishing GST CMP-08 quarter form till 31st July 2022 for the 1st quarter of FY 2022-23 via central tax notification number 11/2021. Read Notification
47th GST Council Meeting 29th June 2022 “To extend the due date of filing of FORM GST CMP-08 for the 1st quarter of FY 2022-23 from 18.07.2022 to 31.07.2022.” Read Press Release
02nd May 2022– “The GSTN department has released a GST CMP-08 form advisory.” View More
05th May 2021 – “CBIC notified the new notification for waiver of interest and a late fee of return monthly or quarterly basis and composition taxpayers.” Read Notification
28th May 2021 – “NIL rate of interest for first 15 days from the due date of furnishing the statement in CMP-08 by composition dealers for QE March 2021, and reduced rate of 9% thereafter for further 45 days” Read 43rd GST Meeting PR
4th May 2021 –
- “Relaxations in filing Form CMP-08 for Composition Taxpayers: For the Quarter of Jan-March, 2021, instead of 18th April 2021, Composition Taxpayers can now file their quarterly return in Form CMP-08, without interest up to 3rd May 2021, with 9% reduced interest between 4th May to 18th May 2021, and with 18% interest from 19th May 2021 onwards.”
16th November 2020
- “Blocking of GST E-Way Bill generation facility, after 1st Dec 2020”. Read more
15th October 2020
- “NIL Return Filing Via SMS for GSTR 1, GSTR 3B, CMP 08, etc”. Read more
- “Amendment to the CGST Rules: Various amendments in the CGST Rules and FORMS have been recommended, including provision for furnishing Nil FORM CMP-08 through SMS”. Read more
Note: “Relaxations in filing Form CMP-08 for Composition Taxpayers: For the Quarter of Jan-March, 2021, instead of 18th April 2021, Composition Taxpayers can now file their quarterly returns in Form CMP-08, without interest up to 3rd May 2021, with 9% reduced interest between 4th May to 18th May 2021, and with 18% interest from 19th May 2021 onwards.
Penalty for Delay in Filing Returns under CMP 08
If any assessee fails to file form CMP 08 will be charged a penalty of Rs. 50 (INR 25/day CSGT and INR 25/day IGST) per day as long as he continues the delay. The assessees filing NIL returns under form CMP 08 will be charged a penalty of Rs. 20 (INR 10/day CSGT and INR 10/day IGST) per day as long as he continues the delay. The late fee can be up to Rs. 5,000 at maximum and no further for all kinds of assessees.